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US plans world's fastest car

An American racing car company is targeting world speed records with a new supercar

Just days after the Bugatti Veyron Super Sport broke the land speed record for a production car, tranStar Racing has revealed its plans to build an "uncompromised" street-legal car that will reach around 500kmh at top speed.

The Dagger GT roadster will reportedly produce up to 1500kW of power and accelerate from 0-100km/h in 1.5 seconds.

The ambitious company says it wants its Dagger GT to break records including world's fastest production car ,and quickest lap around Germany's Nurburgring.

It has yet to build one example of the car, but says it plans to build five Daggers in 2011 and 10 each year after that.

Few details are confirmed, though TranStar says the Dagger GT will feature a steel chassis and carbonfibre body, and will be powered by a mid-mounted twin-turbocharged multi-fuel engine, reportedly producing 969kW using petrol or about 1491kW (2000hp) using race fuel.

"The Dagger's nearest competitors will not be close in terms of performance or value," says a TranStar release. "This will not be a debatable issue once the performance runs are completed and independently timed in early 2011."

The two-seat Dagger GT will be priced about US$450,000 (NZ$634,000), according to TranStar, more bang for your buck than the $4.3m Veyron.

TranStar is inviting people to invest in the Dagger GT program, though they will need to have a net worth of US$2m ($2.8m) and produce US$200,000 ($282,000).